July 7, 2011 [Stolt-Nielsen S.A.] - Stolthaven Terminals reported second-quarter operating revenue of $34.8 million, down slightly from $35.0 million in the first quarter.
Revenue for the quarter reflected continued overall strength in demand for storage, with a slight increase in average monthly rental revenue per leased cubic metre (cbm). Utilisation slipped to 96.8% from 97.8% in the prior quarter, reflecting tanks temporarily taken out of service for inspections and repairs.
The total average capacity for Stolthaven’s wholly owned terminals was unchanged in the quarter at 889,500 cbm, as was total product handled, which held steady at 1.9 million cbm for the second consecutive quarter. Stolthaven’s second-quarter operating profit was $15.7 million, compared with $16.5 million in the first quarter of 2011, reflecting higher due diligence costs related to recent acquisition projects.
Equity income from the Company’s non-consolidated joint-venture terminals rose to $5.4 million from $3.8 million in the prior quarter, reflecting improved trading conditions. Construction activity at Stolthaven’s new terminal in Singapore remained on track in the quarter, with a targeted commissioning date ahead of schedule in October.
